Writing on LinkedIn, the firm says that due to “challenging times” and despite its best efforts, “we were unable to overcome the market dynamics to raise additional funding”.
Ruuky says the decision to file for insolvency “was not taken lightly” and has assured customers that all their funds are secured and its app is still “fully accessible”.
The neobank was founded in 2020 in Hamburg by Jes Hennig (CEO), Max Schwarz (chief marketing officer), Timo Steffens (chief financial officer) and Deepankar Jha (chief technology officer).
